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Political Campaigns and Crypto

Crypto investment has been a rapidly growing field in the United States. Many US investors have become crypto millionaires and billionaires with their functioning strategies and tools like a secure wallet, cryptocurrency portfolio tracker and exchange. Yet, recently cryptocurrencies emerged into other parts of the US. During the 2018 midterm elections, an increasing number of candidates started accepting Bitcoin and other cryptocurrencies for campaign funding. 

Even though 2018 wasn’t the best year for cryptocurrency regarding its extreme price swings, it seems like the new digital currencies are gaining fame and more positive attention. As a result, several political figures are turning their gaze towards crypto-assets.  

The forefather of this movement was Andrew Hemingway, a Republican candidate for Governor of New Hampshire. Hemingway participated in the 2014 elections but lost in the Republican primary in September. He was the youngest candidate in the history of the State as well as the first one to take donations in the form of crypto coins.

Political Campaigns

The candidate states that the reason he began accepting crypto coins was the high demand. Hemingway’s supporters urged him to accept donations in Bitcoin. More than 20% of the money he accepted was in the form of Bitcoin. Hemingway also remarked that he thought that when he ran, New Hampshire had the most ‘crypto millionaires’ among the United States. The state began using crypto coins before their mainstream adoption.

Remarkably, the first cryptocurrency meetup took place in New Hampshire and the state has many crypto and blockchain-related businesses. The most important reason for this is that there’s a large number of incoming libertarians in the state, who are very fond of decentralization. In the last 18 years, there’s been an ongoing project to move 20 thousand libertarians to New Hampshire. A number of libertarians appreciate cryptocurrencies such as Bitcoin that aren’t reliant on the government.

Since then many other politicians such as Patrick Nelson, Austin Peterson, and Rand Paul turned to crypto coins. The crypto sphere in their eyes represents transparency and decentralization.

Recent Events

Despite the moves that were made in the past for crypto acceptance, it seems like US politicians are becoming more and more cautious after Facebook’s announcement of Libra.  The President of the United States, Donald J. Trump, took to Twitter to express his opinion regarding crypto coins.

In the Tweets, President Trump stated that he’s not a fan of crypto coins, including Libra. He also added that these digital assets are not real money and have a very unstable value. Cryptocurrencies, in an ungoverned environment, are used for illegal activities. The President went on to say that the United States already has a real currency, the United States Dollar, which is dependable and reliable.

A day before this statement, Jerome Powell, the Chair of the US Federal Reserve, declared that Libra’s launch will be delayed before Facebook responds to concerns about its new crypto coin. The Federal Reserve created a group to supervise Libra’s creation and is collaborating with other Central Banks. The FSOC, a US government organization, will also look into the risks of the new cryptocurrency.

The founder of TRON, Justin Sun, responded to the President inviting him to have lunch with crypto leaders and Warren Buffett this month. Sun said that the President was misled and misinformed because of fake news. Crypto investment is still a very beneficial industry and to become a better investor, check out the best cryptocurrency portfolio tracker guide.

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